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Solana Outage Casts Shadow On SOL, GMT, RAY, ACS Trading

Upbit's trading suspension due to Solana outage causes Solana, GMT prices to dip. Notably, the community awaits network restoration.
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Solana Outage Casts Shadow On SOL, GMT, RAY, ACS Trading

Highlights

  • Upbit halts SOL, GMT, RAY, and ACS trading amid Solana network outage.
  • Solana's price dropped over 4% following the outage news.
  • Laine acknowledges Solana Mainnet-Beta issues while asserting collaborative efforts are underway to resolve the outage.

A recent announcement from Upbit, a prominent cryptocurrency exchange, has sent shockwaves through the crypto community, especially amid reports of Solana facing a network outage. Meanwhile, the temporary suspension of deposits and withdrawals for SOL, GMT, RAY, and ACS tokens, attributed to issues on the Solana network, has disrupted trading activities.

In addition, this unexpected development has raised concerns among investors and traders alike, prompting a closer examination of the situation.

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Upbit Halts Trading Amid Solana Network Outage

In a press release, Upbit revealed its decision to temporarily suspend deposits and withdrawals for SOL, GMT, RAY, and ACS tokens due to ongoing block generation interruptions on the Solana network. This move aims to ensure stable deposit and withdrawal services for users amidst the network’s performance degradation.

In addition, Upbit announced the suspension of SOL staking services until normal network operations are restored. While maintenance is underway to rectify the situation, the crypto exchange has assured users of timely updates regarding the resumption of services.

Meanwhile, Laine, a software and blockchain firm operating as a leading validator on Solana, also shed light on the network’s performance degradation. According to Laine’s statement on the X platform, Solana’s Mainnet-Beta is experiencing halted block progression, prompting core engineers and validators to initiate investigations into the matter.

This acknowledgment underscores the severity of the situation and the collaborative efforts underway to identify and address the root cause of the disruption.

Source: Laine (@laine_sa_), X

Also Read: Binance Enhances Support For SUI Crypto, SUI Price To Rally?

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Impact On Price

The Solana price slipped over 4% following the outage news and traded at $93.32 during writing. Simultaneously, the GMT price also lost around 4% to $0.2392.

Meanwhile, the SOL price has touched a high of $98.54 and a low of $93.65 over the last 24 hours, reflecting the volatile nature of the crypto market. Notably, the temporary suspension of deposits and withdrawals for SOL, GMT, RAY, and ACS tokens on Upbit, coupled with insights from Laine regarding Solana’s mainnet outage, highlights the vulnerability of decentralized networks to technical challenges.

As stakeholders await further updates and resolutions, users must exercise caution and stay informed amidst the evolving landscape of cryptocurrency trading. Upbit’s proactive measures and the collaborative efforts of validators underscore the resilience of the crypto community in addressing unforeseen disruptions and safeguarding investor interests.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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